Wow. The last few days have been azy-CRAY. I'm exhausted, truth be told. Now don't get me wrong, I'm not complaining. Being busy in this - per the media - "AWFUL" market is a good thing. It's hard to predict if the trend is going to last, but based on the current activity, at least in the sub-markets I specialize in here in Richmond, maybe things are turning around. Here's what I've personally done in the last five days:
- Written an offer;
- Received two more;
- Had multiple showings on each of my listings;
- Held two well attended Agent Previews;
- Attended the VCU Housing Fair, where we signed up over fifty potential buyer contacts; and
- Had SEVEN showings at the Windsor Court Condominiums between Friday and Saturday, with four of those potential buyers scheduled for a second look on Sunday, either before, during or after our scheduled Open House, which will be from 1:00 - 4:00 p.m.
Phew! I'm ready to put head to pillow tonight, and to get up and start over tomorrow. But first a few thoughts on the possible drivers behind this activity:
- Historically low interest rates, hovering around and even under 5%;
- The first time home buyer tax credit of $8,000;
- Fairly high amounts of distressed property inventory, mainly foreclosures and short sales, meaning great deals for buyers looking for a bargain and willing to do some work; and
- The traditional Spring market spike.
The reality is this increase in activity is quite likely a confluence of all these factors, to some degree. But I'm not going to look a gift horse in the mouth. I hope the sales activity continues, because it's good for the broader economy. And of course I hope it will be good for me. [:)]
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